March 31, 2011
Canada home prices are back on the upswing. The national average home price rose 0.4% in January from the previous month, according to the Teranet-National Bank National Composite, our most trusted house price index!
January’s rise in values was the second consecutive monthly rise, following three consecutive months of declines. The biggest gainer was Vancouver which saw a 0.9% gain in values from Dec to January. Toronto came in second place with a 0.5% rise, Halifax was up 0.4% and Montreal 0.3%.
Calgary and Ottawa, however, saw price decreases in their month over month numbers. Ottawa prices declined by -0.6% and Calgary, the biggest loser, fell by a full -1.00%.
With regard to year over year figures all Teranet tracked Canadian cities are up, with the exception of Calgary. Halifax takes the big winner prize with year over year price gains of 8.2%. Calgary takes biggest loser spot, again, with a year over year decline of -3.4%.
Phew, good thing I didn’t buy a home in Calgary last year.